Budget deficit to exceed 10 percent this year as state revenues continue to suffer The government has decided to stop tax returns and other obligation payments to enterprises, salary workers and pensioners as it sees the budget deficit soaring to over 10 percent of gross domestic product for 2011. The Finance Ministry is desperately seeking ways to contain the fiscal deficit that has swollen due to additional grants to social security funds totaling 0.5-0.9 percent of GDP and due to the lagging of public revenues in the year’s first 11 months.Finance Minister Evangelos Venizelos and his alternate, Filippos Sachinidis, met...

 

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